Mercury bank - 3% currency conversion fee

[atlantic]

Hi there,

Starting December 1st, Mercury began applying a currency conversion fee of 3% on all Mercury business debit and IO transactions made in currencies other than USD, including non-USD ATM withdrawals.

I didn't know that before and was just surprised then I saw that immense fees on my bank statement. I messaged to Mercury support and they told me that they had communicated that increase of fees before. Actually they did not. I haven't received any email relating an increase of fees from Mercury. The insist telling me that they sent me an email on 23nd October 2024 with the subject "Upcoming Card Updates".

Is it just me who hasn't received that announcement?
I'd like to know if any other Mercury client has received that announcement from Mercury or not.

Thanks for your feedback.

 

[Alexmorgan]

Hi there,

Starting December 1st, Mercury began applying a currency conversion fee of 3% on all Mercury business debit and IO transactions made in currencies other than USD, including non-USD ATM withdrawals.

I didn't know that before and was just surprised then I saw that immense fees on my bank statement. I messaged to Mercury support and they told me that they had communicated that increase of fees before. Actually they did not. I haven't received any email relating an increase of fees from Mercury. The insist telling me that they sent me an email on 23nd October 2024 with the subject "Upcoming Card Updates".

Is it just me who hasn't received that announcement?
I'd like to know if any other Mercury client has received that announcement from Mercury or not.

Thanks for your feedback.

I did receive that Email

 

[churumbelo]

I haven't received any email either.

 

[kokunut]

I received that email!

 

[mud]

Ouch. Another bank loses it. This makes number 4 bank for us this week to either f**k up or shutter some of their services.

 

[kokunut]

What did it los ? and what 4 banks ?

 

[daniels27]

What did it los ? and what 4 banks ?

He does not like to pay bank fees. The other bank is bunq.

 

[thinkaliyum]

It's interesting the number 3%.
For me is somehow like a mythological creature that appears towards the history.

The banks have a special fixation with this number.

 

[daniels27]

It's interesting the number 3%.
For me is somehow like a mythological creature that appears towards the history.

The banks have a special fixation with this number.

I think it is just what people are still easy to swallow.

 

[sebastian]

If they are the only option for one it doesn't matter with the 3% fee.

 

[daniels27]

If they are the only option for one it doesn't matter with the 3% fee.

I think you almost always should be able to add PayPal, they have a debit card with no fees and cash back.

 

[sebastian]

I would never even consider using PayPal anymore, not after all the stories I’ve read here on OCT. It’s the worst company to rely on if you have long-term plans for your business.

 

[daniels27]

I would never even consider using PayPal anymore, not after all the stories I’ve read here on OCT. It’s the worst company to rely on if you have long-term plans for your business.

Yes, at the end time they have a very high market share in markets like Germany and many customers want to use it for their buyer protection.

But if you want to save the 3%, you can really just use PayPal debit card. You cannot lose that much as it will pull from your Mercury account via ACH, du no funds to lose.

If you have a SSN, you can apply for any US bank account and debit or credit card with no fees.

 

[sebastian]

PayPal is a highly fraudulent company that shuts down accounts at their own discretion. Their support is staffed with inexperienced individuals who have no idea what they’re talking about, and overall, it’s nearly impossible to communicate with PayPal if something goes wrong.

I strongly advise anyone considering using GayPal’s services to steer clear. If you’re dealing with minimal revenue of just a few hundred euros or dollars, then the above might not matter, and it could work fine. But otherwise, it’s a BIG NO-GO.

 

[marioIT]

some alternatives and comparison inside somewhere mid vid